Letter to BS: Rs 2-trn package should be taken as first of many such steps

The announcement of a special economic package worth Rs 20 trillion by the Prime Minister has really gone beyond the expectations of various trade and industry bodies.The underlying message is quite clear — India has to convert the current crisis into an opportunity. It has to become an important player in global supply chain, then only the objective of becoming self-reliant can be achieved. Going by the talks of big manufacturing companies willing to leave China, India has to be more than ready to attract many of these investments. But this is easier said than done. The government will have to exhibit strong political will in carrying out bold labour reforms coupled with supportive tax regime in order to lure companies to set up a manufacturing base in India. One thing is getting increasingly clear, that the post-Covid world will not be the same as the pre-Covid world, particularly when it comes to China's role and impact in the global supply chain. India needs to make the most of the opportunities coming its way. The Prime Minister's announcement of this big economic package should be taken only as a first of many such steps required to propel India towards becoming a major economic power.

Sanjeev Kumar Singh  Jabalpur

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